The drop in profits at the firm, which prepares food and in-flight catering facilities at Dublin Airport, fell to €883,799 from €1.24m in 2015.
However, revenues rose 6% to €18.4m, boosted by record numbers going through the airport.
Gate Gourmet was founded in 1992 and spun out from Swissair. It then went through a period of rapid expansion supplying contracts to international airlines, as the Gategroup.
Last year, Hong Kong’s HNA Aviation bought Gategroup and its shares were subsequently delisted from the Zurich stock exchange.
Cost of sales at the Irish operation fell to €11.3m from €11.8m. “The company performed strongly in 2016,” it said in the latest accounts.
Staff numbers fell to 105 from 110, while staff costs increased to €5.9m from almost €5.7m.
A breakdown of the staff numbers shows there are 79 people working in production, 18 in administration, along with eight managers.
The company said that it hoped “to further expand the business in the foreseeable future and anticipate profitability in the coming year”.
Operating profits fell from €1.14m to €794,650. Accumulated profits increased from €1.1m to €1.8m.
After paying a corporation tax of €164,399, it had net profit of €719,400.
Gategroup serves more than 350m passengers a year from about 100 airport locations operated around the globe.